Bel Reports Third Quarter Results

Third Quarter Operating Income Increases 68% to $7.3 Million from
$4.4 Million Last Year

JERSEY CITY, N.J.--(BUSINESS WIRE)--
Bel Fuse Inc. (NASDAQ:BELFA and NASDAQ:BELFB) today announced
preliminary financial results for the third quarter and first nine
months of 2015.

Third Quarter Highlights

Third quarter operating profit increased 68% to $7.3 million compared
with operating profit of $4.4 million for the third quarter of 2014.

Third quarter net sales decreased 7.8% to $144.2 million compared with
net sales of $156.3 million for the third quarter of 2014.

Third quarter net earnings per share - "EPS" - was $0.39 per Class A
share and $0.42 per Class B share compared to EPS of $0.10 per Class A
share and $0.11 per Class B share for the third quarter of 2014.

Results include the results of Power Solutions, acquired in June 2014,
and Connectivity Solutions, acquired in July and August 2014 from dates
of acquisition.

CEO Comments

Commenting on Bel's financial results, Dan Bernstein, President and CEO,
said, "Due to our strong cash flow we were able to reduce Bel's debt to
$197.7 million at September 30, 2015, a decrease of $34.9 million since
December 31, 2014. We are continuing to reduce costs with the downsizing
and consolidation of facilities in the United States and Asia. In the
third quarter the company recognized $814,000 of restructuring charges
for further consolidations that are anticipated to generate additional
annual savings of $3.5 million.

"Bel's Cinch Connectivity Solutions, which includes the connectivity
business acquired from Emerson on July 25, 2014, posted slightly higher
revenue for this year's third quarter than a year ago primarily as a
result of a full quarter of sales from the acquired Emerson business.
Incremental sales coupled with significant progress made in reducing
fixed costs resulted in a solid quarter. We also are encouraged by the
progress of our new product development effort, where we successfully
met key milestones including first customer deliveries of next
generation aerospace products. Customer audits in our McAllen, Texas and
Reynosa, Mexico facilities also were completed successfully, confirming
our ability to accommodate the anticipated increase in production of
commercial aircraft.

"Bel's Power Solutions Group has reduced costs, increased efficiencies
and substantially improved quality over the past year. This has resulted
in new design wins for cloud computing/data center applications,
networking and other applications from new and returning customers. We
had anticipated shipping some of these new products in the third
quarter, but this did not occur. Bel's decision to walk away from low
margin products resulted in $8.0 million of the decrease in power
solutions and protection sales in the third quarter. With our world
class engineering and manufacturing, we remain confident that Power
Solutions will be an important growth engine for Bel in the future."

"Bel's third quarter sales decline was in line with industry-wide
trends, and due to limited visibility in the marketplace it is difficult
to predict when sales will improve."

Third Quarter 2015 Results

Net sales decreased 7.8% to $144.2 million compared to $156.3 million
for the third quarter of 2014. Excluding $4.5 million of incremental net
sales for the third quarter of 2015 attributable to last year's
Connectivity Solutions acquisition, net sales declined $16.7 million.
This decline was primarily due to Bel's decision to walk away from low
margin products resulting in lower sales volume of Bel's power solutions
and protection products. Bel also experienced lower sales volumes in
Magnetics products. These declines were partially offset by increased
sales volume of Custom modules products.

Operating income increased to $7.3 million compared to operating income
for the third quarter of 2014 of $4.4 million, primarily reflecting
lower costs related to the 2014 acquisitions. Depreciation and
amortization expense decreased to $5.5 million for the third quarter of
2015 from $6.5 million for the third quarter of 2014, primarily due to
the timing of assets becoming fully depreciated in the prior year.

Interest income and other, net was $4.3 million primarily due to the
recognition of an acquisition-related settlement.

Net earnings for the third quarter of 2015 were $4.9 million compared to
net earnings for the third quarter of 2014 of $1.3 million.

Nine Months 2015 Results

Net sales increased 27.6% to $431.8 million compared to $338.4 million
for the first nine months of 2014. Excluding $104.7 million of
incremental net sales for the first nine months of 2015 attributable to
last year's acquisitions, net sales declined $11.3 million due to lower
sales volume of Bel's Interconnect products and DC/DC converters,
partially offset by increased sales volume of Custom modules.

Operating income increased to $23.8 million compared to operating income
for the first nine months of 2014 of $11.0 million, primarily reflecting
lower costs related to the 2014 acquisitions. Depreciation and
amortization expense increased to $17.1 million for the first nine
months of 2015 compared to $13.0 million for the first nine months of
2014, reflecting the incremental impact of the 2014 acquisitions.
Operating income for the first nine months of 2015 included net
unrealized gains from foreign currency revaluation of approximately $5.6
million before tax (approximately $0.37 per Class A and Class B shares
net of tax), primarily due to the favorable impact of the weakening of
the Euro against the U.S. dollar on a $34 million intercompany loan.

Interest expense increased to $6.0 million as compared with $2.1 million
for the first nine months of 2014 due to the issuance of long-term debt
in the second quarter of 2014 to fund the 2014 acquisitions.

Net earnings for the first nine months of 2015 were $16.3 million
compared to net earnings for the first nine months of 2014 of $6.8
million.

Balance Sheet Data

As of September 30, 2015, Bel reported working capital of $176.6
million, including cash and cash equivalents of $76.3 million and a
current ratio of 2.5-to-1. Total debt obligations were $197.7 million.
In comparison, as of December 31, 2014 Bel had working capital of $188.9
million, including cash and cash equivalents of $77.1 million, a current
ratio of 2.6-to-1, and total debt obligations of $232.6 million.

Conference Call

Bel has scheduled a conference call at 11:00 a.m. EDT today. To
participate, dial (720) 545 0088, conference ID #64102195. A
simultaneous webcast of the conference call may be accessed online from
the Events
and Presentations link of the Investors
page under the "About Bel" tab at www.BelFuse.com.
The webcast replay will be available for a period of 20 days at this
same Internet address. For a telephone replay, dial (404) 537 3406,
conference ID #64102195 after 1:00 p.m. EDT.

About Bel

Bel (www.belfuse.com)
designs, manufactures and markets a broad array of products that power,
protect and connect electronic circuits. These products are primarily
used in the networking, telecommunications, computing, military,
aerospace, transportation and broadcasting industries. Bel's product
groups include Magnetic Solutions (integrated connector modules, power
transformers, power inductors and discrete components), Power Solutions
and Protection (front-end, board-mount and industrial power products,
module products and circuit protection), and Connectivity Solutions
(expanded beam fiber optic, copper-based, RF and RJ connectors and cable
assemblies). The Company operates facilities around the world.

Forward-Looking Statements

Except for historical information contained in this press release,
the matters discussed in this press release (including the statements
regarding positioning Bel Power Solutions to be an important growth
engine for Bel in the future, an anticipated increase in production of
commercial aircraft and savings resulting from restructuring effort) are
forward-looking statements (as described under the Private Securities
Litigation Reform Act of 1995) that involve risks and uncertainties.Actual
results could differ materially from Bel's projections.Among the
factors that could cause actual results to differ materially from such
statements are: the market concerns facing our customers; the continuing
viability of sectors that rely on our products; the effects of business
and economic conditions; difficulties associated with integrating
recently acquired companies; capacity and supply constraints or
difficulties; product development, commercialization or technological
difficulties; the regulatory and trade environment; risks associated
with foreign currencies; uncertainties associated with legal
proceedings; the market's acceptance of the Company's new products and
competitive responses to those new products; and the risk factors
detailed from time to time in the Company's SEC reports.In light
of the risks and uncertainties, there can be no assurance that any
forward-looking statement will in fact prove to be correct. We undertake
no obligation to update or revise any forward looking statements.

Non-GAAP Financial Measures

The Non-GAAP measures included in the supplementary information are not
measures of performance under accounting principles generally accepted
in the United States of America ("GAAP"). These measures should not be
considered a substitute for, and the reader should also consider, income
from operations, net earnings, earnings per share and other measures of
performance as defined by GAAP as indicators of our performance or
profitability. Our Non-GAAP measures may not be comparable to other
similarly-titled captions of other companies due to differences in the
method of calculation.

Website Information

We routinely post important information for investors on our website, www.belfuse.com,
in the "Investor Relations" section. We use our website as a means of
disclosing material, otherwise non-public information and for complying
with our disclosure obligations under Regulation FD. Accordingly,
investors should monitor the Investor Relations section of our website,
in addition to following our press releases, SEC filings, public
conference calls, presentations and webcasts. The information contained
on, or that may be accessed through, our website is not incorporated by
reference into, and is not a part of, this document.

Bel Fuse Inc.

Supplementary Information(1)(2)

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts) (unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

2015

2014

Net sales

$

144,161

$

156,341

$

431,834

$

338,426

Cost of sales

116,749

128,561

349,050

278,630

Gross profit

27,412

27,780

82,784

59,796

As a % of net sales

19.0

%

17.8

%

19.2

%

17.7

%

Selling, general and administrative expenses

19,291

23,110

57,663

47,475

As a % of net sales

13.4

%

14.8

%

13.4

%

14.0

%

Restructuring charges

814

309

1,316

1,365

Income from operations

7,307

4,361

23,805

10,956

As a % of net sales

5.1

%

2.8

%

5.5

%

3.2

%

Interest expense

(1,792

)

(1,869

)

(5,965

)

(2,124

)

Interest income and other, net

4,278

21

4,698

121

Earnings before provision for income taxes

9,793

2,513

22,538

8,953

Provision for income taxes

4,873

1,252

6,236

2,124

Effective tax rate

49.8

%

49.8

%

27.7

%

23.7

%

Net earnings available to common stockholders

$

4,920

$

1,261

$

16,302

$

6,829

As a % of net sales

3.4

%

0.8

%

3.8

%

2.0

%

Weighted average number of shares outstanding:

Class A common shares - basic and diluted

2,175

2,175

2,175

2,175

Class B common shares - basic and diluted

9,719

9,591

9,694

9,420

Net earnings per common share:

Class A common shares - basic and diluted

$

0.39

$

0.10

$

1.30

$

0.55

Class B common shares - basic and diluted

$

0.42

$

0.11

$

1.39

$

0.60

(1) The supplementary information included in this press release for
2015 is preliminary and subject to change prior to the filing of our
upcoming Quarterly Report on Form 10-Q with the Securities and
Exchange Commission. Some prior period amounts have been
reclassified to conform to the current year presentation. These
reclassifications, individually and in the aggregate, had no impact
on our consolidated statements of operations.

(2) The 2014 Condensed Consolidated Statements of Operations has
been revised to reflect measurement period adjustments recorded
during 2015 for the acquisition of Power Solutions. The measurement
period adjustments primarily relate to the finalization of the
valuations of property and equipment and intangible assets and
deferred taxes. These revisions were not considered material to the
Condensed Consolidated Statements of Operations.

Bel Fuse Inc.

Supplementary Information(1)

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

September 30,

December 31,

2015

2014

Revised(2)

Assets

Current assets:

Cash and cash equivalents

$

76,292

$

77,138

Accounts receivable, net

92,866

99,605

Inventories, net

104,603

113,630

Other current assets

23,420

20,283

Total current assets

297,181

310,656

Property, plant and equipment, net

61,510

69,261

Goodwill and other intangible assets, net

211,984

213,871

Other assets

35,267

41,633

Total assets

$

605,942

$

635,421

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$

51,621

$

61,926

Current portion of long-term debt

16,125

13,438

Other current liabilities

52,878

46,438

Total current liabilities

120,624

121,802

Long-term debt

181,594

219,187

Other liabilities

71,568

70,159

Total liabilities

373,786

411,148

Stockholders' equity

232,156

224,273

Total liabilities and stockholders' equity

$

605,942

$

635,421

(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing of
our upcoming Quarterly Report on Form 10-Q with the Securities and
Exchange Commission. Some prior period amounts have been
reclassified to conform to the current year presentation. These
reclassifications, individually and in the aggregate, had no impact
on our condensed consolidated balance sheets.

(2) The December 31, 2014 Condensed Consolidated Balance Sheet
has been revised to reflect measurement period adjustments recorded
during 2015 for the acquisition of Power Solutions. The measurement
period adjustments primarily relate to the finalization of the
valuations of property and equipment and intangible assets and
deferred taxes. These revisions were not considered material to the
Condensed Consolidated Balance Sheet.

(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing of
our upcoming Quarterly Report on Form 10-Q with the Securities and
Exchange Commission.

(2) Special items primarily consist of the following items:

Three Months Ended

Three Months Ended

September 30, 2015

September 30, 2014

Gross

Taxes

Net of taxes

Gross

Taxes

Net of taxes

Restructuring charges

$

814

$

283

$

531

$

309

$

118

$

191

Acquisition related costs included in selling, general and
administrative expenses

88

33

55

3,854

794

3,060

Acquisition related settlement payment

(4,233

)

(1,609

)

(2,624

)

--

--

--

Information technology migration and rebranding costs included in
selling, general and administrative expenses

164

61

103

--

--

--

Acquisition related inventory step-up included in cost of sales

--

--

--

4,647

882

3,765

Expiration of tax statutes of limitations, net

--

--

--

--

825

(825

)

Total special items

$

(3,167

)

$

(1,232

)

$

(1,935

)

$

8,810

$

2,619

$

6,191

(3) In this press release and supplemental information, we have
included several non GAAP financial measures, including Non-GAAP
Cost of Sales, Non-GAAP Gross Profit, Non-GAAP Selling, General and
Administrative Expenses, Non-GAAP Income from Operations, Non-GAAP
Interest Income and other, Non-GAAP Earnings Before Provision for
Income Taxes, Non-GAAP Provision for Income Taxes, Non-GAAP Net
Earnings Available to Common Stockholders, Non-GAAP earnings per
share, and EBITDA. We may use such Non-GAAP measures to determine
performance-based compensation. Management believes that this
information may be useful to investors.

(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing of
our upcoming Quarterly Report on Form 10-Q with the Securities and
Exchange Commission.

(2) Special items primarily consist of the following items:

Nine Months Ended

Nine Months Ended

September 30, 2015

September 30, 2014

Gross

Taxes

Net of taxes

Gross

Taxes

Net of taxes

Restructuring charges

$

1,316

$

420

$

896

$

1,365

$

519

$

846

Acquisition related costs included in selling, general and
administrative expenses

551

205

346

5,372

1,265

4,107

Acquisition related settlement payment

(4,233

)

(1,609

)

(2,624

)

--

--

--

Information technology migration and rebranding costs included in
selling, general and administrative expenses

773

282

491

--

--

--

Acquisition related inventory step-up included in cost of sales

--

--

--

4,647

882

3,765

Expiration of tax statutes of limitation, net

--

--

--

--

825

(825

)

Total special items

$

(1,593

)

$

(702

)

$

(891

)

$

11,384

$

3,703

$

7,681

(3) In this press release and supplemental information, we have
included several non-GAAP financial measures, including Non-GAAP
Cost of Sales, Non-GAAP Gross Profit, Non-GAAP Selling, General and
Administrative Expenses, Non-GAAP Income from Operations, Non-GAAP
Interest Income and other, Non-GAAP Earnings Before Provision for
Income Taxes, Non-GAAP Provision for Income Taxes, Non-GAAP Net
Earnings Available to Common Stockholders, Non-GAAP earnings per
share, and EBITDA. We may use such Non-GAAP measures to determine
performance-based compensation. Management believes that this
information may be useful to investors.

(1) The supplementary information included in this press
release for 2015 is preliminary and subject to change prior to the
filing of our upcoming Quarterly Report on Form 10-Q with the
Securities and Exchange Commission.

(2) In this press release and supplemental information, we have
included several non-GAAP financial measures, including Non-GAAP
Cost of Sales, Non-GAAP Gross Profit, Non-GAAP Selling, General
and Administrative Expenses, Non-GAAP Income from Operations,
Non-GAAP Interest Income and other, Non-GAAP Earnings Before
Provision for Income Taxes, Non-GAAP Provision for Income Taxes,
Non-GAAP Net Earnings Available to Common Stockholders, Non-GAAP
earnings per share, and EBITDA. We may use such Non-GAAP measures
to determine performance-based compensation. Management believes
that this information may be useful to investors.